The older customers become, the more financing they request when applying to fintech services. These are the findings of the financial holding Robocash Group based on the statistics of customer applications in Asia this year. In particular, with an increase of customers’ age by one year in the Philippines, there is a rise in the average size of requested amounts by 0.4%. This figure equals the result in India, while Indonesia has 0.8%, and Vietnam – 0.3%.The analysis revealed a pattern according to which clients ask for more financing as they get older. On average, 51-60-year-old Filipinos request by 15.8% more than clients in ages 18-24. It stands in contrast with Indonesia that has the highest difference – 37.5%. Vietnam and India have 11.7% and 18.5%, respectively.
However, the size of the requested financing is also worthy of attention. For instance, Indonesia has the lowest figure of $93 although it is ahead of other countries by the nominal GDP per capita. It is 119th globally in the ranking of the IMF for 2018. As for the Philippines, it is very close to Vietnam on the income scale taking 130th and 134th places, respectively. As a result, the average amounts, which local customers ask, varies insignificantly too: $135 and $140, respectively. In contrast, with its 145th place in the world, India has the highest size of the requested amounts – $156.
According to company analysts, people in the Philippines, Vietnam and India may have longer terms of gaps in their budgets. Then, in case of unexpected circumstances, the size of savings or reserved money may be insufficient too. As a result, it makes customers ask for higher amounts to cover the emerged gaps. At the same time, in countries with advanced incomes among the population, customers may take financing directly in a store to pay for a small desirable non-essential purchase.
Robocash Group is an international financial group operating in the segments of consumer alternative lending and marketplace funding in Europe and Asia. The company develops robotic financial services providing lending to customers in Russia, Kazakhstan, Spain, the Philippines, Indonesia, Vietnam and India and operates the own EU-based p2p investment platform. The group develops products completely in-house using artificial intelligence, machine learning and data-driven technologies to provide precise and comprehensive risk management, comfort and speed for customers and efficiency for business.